X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-After thanking Small Business Administration (SBA) Administrator Hector Barreto for scheduling a meeting with corporate credit unions during NAFCU’s Congressional Caucus, NAFCU also reassured the agency that its member credit unions supported expanded authority in the 7(a) lending program. The letter came after an article in American Banker reported that the SBA could be facing greater criticism if it broadened credit unions’ participation in government-backed business lending, in addition to its recent announcement to cut the limit of government backing in the 7(a) program from $2 million to just $500,000. The Bush administration has proposed an approximately 50% cut to the program’s funds and announced goals to grant more, smaller loans. Corporate credit unions have been very interested in what they can do to facilitate the use of SBA funds by credit unions. “I want to give you NAFCU’s assurance, and that of the credit unions we represent, to work constructively with you and your staff to extend the reach of the SBA’s 7(a) program in the months and years ahead, so that the greatest number of qualified borrowers may enjoy the benefits of that important program,” NAFCU President and CEO Fred Becker wrote.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.